By Rocky Mengle From Kiplinger’s Personal Finance Your life changes in many ways when you get older. But there’s something else that changes as you age that you might not have considered before—your taxes. There are different tax breaks that you can claim when you’re older, and the types of income you’re likely to receive…
How to Reduce Taxes at the Last Minute
As the end of the year gets closer and your options to lower your taxes are on your mind, you likely are wondering how to reduce taxes in the time remaining. There are only a few days left to make those deductions, but you do still have some options. Make a Contribution to a Retirement…
Tax Breaks for Charitable Gifts
By Joy Taylor From Kiplinger’s Personal Finance Question: Can I deduct charitable contributions that I made in 2022 if I don’t itemize? Answer: No. The 2020 and 2021 easing for charitable gifts of cash has expired. Beginning with 2022 returns filed next year, nonitemizers can no longer write off on page 1 of the Form…
ExxonMobil Launches Legal Challenge Against EU Over Windfall Profit Tax
ExxonMobil has filed a lawsuit against the European Union (EU) over a windfall tax on energy companies announced in September, arguing that the move is “counterproductive” and will “undermine investor confidence.” The Texas-headquartered oil and gas company announced the legal challenge against the bloc, which will be decided on by the European General Court, in a statement to media…
Are More Audits in Taxpayers’ Future?
By Joy Taylor From Kiplinger’s Personal Finance Question: Why did Congress give the IRS (Internal Revenue Service) so much more money? Does this mean we all will be subject to more audits? Answer: The rising tax gap is one reason the IRS asked for $80 billion in extra funds—and got it. The tax gap is…
What Are Your Options If You Can’t Pay the IRS?
In this economy, tight budgets may make it challenging to pay income taxes. This is true especially if you owe thousands of dollars. But what do you do if you can’t pay those taxes? Don’t go into a panic; you do have some options. File Regardless of Taxes Owed It can be alarming to realize…
Family Finances: Year-End Gifts Reap Benefits for Donors and Recipients
By Joy Taylor From Kiplinger’s Personal Finance Financial planners and tax professionals often advise clients to include gifting in their year-end tax planning strategies. There are three main reasons to do this. First, your gifts can help family members and friends. Second, because gifts aren’t subject to income tax, the recipient isn’t taxed on the…
Alex Murdaugh Charged With Tax Evasion; Made $14 Million in 9 Years
COLUMBIA, S.C.—Alex Murdaugh, the disgraced attorney accused of killing his wife and son, was indicted Friday by a grand jury in South Carolina on nine counts of tax evasion, adding to the slew of charges he faces in the aftermath of their deaths more than a year ago. Prosecutors said Murdaugh, 54, made nearly $14…
Powerball Winner Faces Massive Tax Bill
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: What sort of tax bill is the recent winner of the $2.04 billion Powerball jackpot likely to owe? Answer: The lucky Powerball winner will be looking at hefty tax bills. One of those tax bills will be from the federal government and, depending on where the…
Personal or Business Tax Filing: Which to Choose
Filing taxes can be stressful. But when you’re a small business, knowing the line between personal filing or business filing can seem a little blurry. This is especially true if you’re a sole proprietor. But it doesn’t have to be confusing; there are different requirements for filing depending on how your business is organized. Business…
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